Bitcoin Plunges to $63K: Bear Market Bottom Looms

The Bitcoin price has fallen to $63K, raising concerns that the short-term trend may be turning bearish. A head and shoulders top pattern on the 4-hour chart suggests a potential descent into the true bear market bottom.

The measured move based on the chart indicates a possible drop to around $60,500, but the price has found support at the horizontal level of $63,250. This could lead to a bounce, with the neckline of the head and shoulders pattern serving as resistance.

However, the bulls may not be giving up yet. Short-term Stochastic RSI indicators are on their way down to their bottom limits, which could signal upside momentum again in the near future.